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We see a clear commercial rationale to this work, where we are able to leverage our leading businesses and global relationships to deliver results for shareholders and progress for society as a whole. To that end, we have announced a 10-year target of $750 billion in financing, investing and advisory activity to nine areas that focus on climate transition and inclusive economic growth. We have created a new team, the Sustainable Finance Group, to partner with our businesses in executing on this ambitious mandate, delivering sustainable solutions consistent with our clients’ long-term objectives. | 2opportunity
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We were also proud to partner with UK Climate Investments committing a combined R1 billion to a dedicated renewable energy investment vehicle, Revego Africa Energy. Revego Fund Managers (RFM), a newly incorporated black‑owned and managed fund manager, will be responsible for managing Revego’s investments in operating renewable energy projects in South Africa and other sub‑Saharan African countries. | 2opportunity
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In line with this action plan, in 2014 we set the target of “achieving a five-fold increase in value created in terms of climate change countermeasures through the provision of NEC products and services compared to the CO2 emissions from NEC’s supply chain,” and proceeded to carry out initiatives. During fiscal 2019, the value was six times, with a contribution of 33.58 megatons for an mitigation, targeting a reduction of 23 megatons by fiscal 2021, expanding to 50 megatons by fiscal 2031. Moreover, we will reduce CO2 emissions from our own business operations by improving efficiency and shifting to renewable energy. environmental load of 5.62 megatons, representing a significant improvement from 3.5 times in fiscal 2018. This reflects a stronger approach to our suppliers and an increase in provision of disaster measure-related solutions by domestic subsidiaries. | 2opportunity
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Further notable figures can be seen from developments recorded this year. For instance, renewable electricity to be supplied to local communities in Senegal now totals 150MW, through four Meridiam solar projects. We have also increased our portfolio of Waste to Energy (WTE) projects to eight, totalling €224m of equity invested, including the Olstyn WTE project in Poland, which will provide renewable energy in place of fossil-fuelled power for the 270,000 inhabitants of Olstyn. | 2opportunity
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Our actions resulted in one-off additional costs of around £80 million, which has further improved the high level of resilience we have already embedded into our service. For example, our investment in ASVs has been critical to improving our water service, an efficient way of helping to keep customers supplied during planned and unplanned interruptions. | 2opportunity
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METRICS AND TARGETS DNB sets targets and uses metrics to help monitor and manage our climate risk. Among our corporate ambitions from 2019, is to contribute with NOK 450 billion to the financing of renewable energy and infrastructure, and NOK 130 billion to the financing of green property in the period leading up to 2025. As of 2020, all new and refinanced shipping loans will include a clause on responsible ship recycling. | 2opportunity
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Another loan went to REC Solar, where DNB and three other banks financed a green loan of USD 150 million related to solar panels that are 20 per cent more efficient than traditional panels. The sustainable product framework will be updated in 2020 to include more products, and will also be adapted to the EU's coming classification system for sustainable economic activities (taxonomy) as this is further developed. | 2opportunity
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On 24 July 2019, we entered into two new senior debt facilities agreements, a £375 million private placement with infrastructure lenders with maturities between 2024 and 2029, and a £125 million ESG facility agreement that matures in 2022. The ESG facility includes a mechanism that adjusts the margin based on carbon emissions against an annual benchmark. | 2opportunity
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Climate change The EIB Group has committed to aligning to the principles and goals of the Paris Agreement by the end of 2020 and will gradually increase the share of its financing dedicated to climate action and environmental sustainability, expecting to support in total EUR 1 trillion of investments by 2030 (see the Looking Ahead Chapter). | 2opportunity
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Climate change The EIB Group has ambitious targets to grow its support for climate action and environmental sustainability. This includes aligning to the principles and goals of the Paris Agreement by the end of 2020 and supporting a total of EUR 1 trillion of investments from 2021 to 2030. In fact, the EIB Group will gradually increase the share of its financing dedicated to climate action and environmental sustainability to reach 50% by 2025 and beyond. | 2opportunity
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For NN Group’s own assets, too, we look for investments that have a positive impact on society while still meeting our investment criteria. For instance, we invest in green bonds, and finance infrastructure debt projects in the area of renewable energy and resource efficiency (specifically: solar and windfarms, district heating projects, and water and wastewater treatment facilities). In total, these investments amounted to EUR 821 million at year-end 2019. | 2opportunity
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More than 20 years ago, we started incorporating climate change in our WRMPs, and in March 2018 we published, for consultation, a draft of our latest WRMP. The plan ensures we are resilient against the median climate change scenario and severe drought. Through the consultation we are also seeking support from our customers for £630 million of investment, which would further mitigate the impact of climate change, drought and future environmental challenges. | 1neutral
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Debut EBRD green covered bond investment The EBRD invested the Polish zloty equivalent of €11.7 million in the issuance by Poland’s PKO Bank Hipoteczny of green covered bonds. They will help the mortgage bank to finance residential buildings that reduce greenhouse gas emissions, fund green mortgages and diversify its investor base. The project also promotes capital market development in Poland. A second investment for the same amount was made later in 2019. | 2opportunity
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In an effort to reduce the amount of CO2 emissions produced by our company, we are promoting investments in energy-efficiency, operational improvements, and energy-saving activities undertaken by all our employees. In FY 2018, we made energy-efficiency related investments of approximately 300 million yen (based on our company's Environmental Accounting Guideline). With this, we improved productivity by updating and automating production equipment and realized greater efficiency by updating major equipment such as lights, pumps, air conditioning and transformers. | 2opportunity
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In 2019 ATP has invested DKK 0.7bn in a gas pipe- line to move waste gas from one of the world’s largest oilfields, Delaware Basin in western Texas, to Mexico. The natural gas is a by-product of oil drilling. In the past the gas was burned off, but it is now taken away for the production of electricity. The gas thereby replaces some of the need for coal and oil to produce electricity in Texas and Mexico. The natural gas pipeline therefore represents important infrastructure as a solution to support the green transition since gas almost halves the emission of CO2 when used to replace coal and oil for the production of electricity. | 2opportunity
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In 2019, we: • provided a $43 million green loan to Sunseap Group to fund its installation of solar photovoltaic systems on the rooftops of 210 sites ranging from commercial and industrial to government premises. The 37 megawatt-peak solar power systems can generate enough energy to help reduce greenhouse gas emissions by 17,000 tonnes per year; and • rolled out U-Solar, Asia’s first solar industry ecosystem that connects businesses and consumers across the solar power value chain. | 2opportunity
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Å Our commitment for renewable energy to comprise at least 20% of our energy portfolio in 2022 with the help of our Energy Transition Fund. This fund focuses on investment opportunities in projects and companies that are helping to accelerate the energy transition and has scope to grow to over EUR 200 million; | 2opportunity
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We made three key commitments to deal with key land, urban and industry shifts. These included launching a partnership with ClimateWorks Australia to develop sustainable agricultural metrics to improve natural asset management, investing $2 billion in affordable housing and investing $2 billion in the emerging technology sector to spur innovation by 2025. | 2opportunity
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Agreement while supporting security of energy supply in Australia and New Zealand and working with customers, related suppliers and their employees in which they operate. This includes increasing our environmental finance commitment from $55 billion to $70 billion by 2025. In 2019, we reached a total $33.6 billion towards this goal.1 We also increased our Australian renewable energy objective from 50% to 100% by 2025. • Worked with the Energy Transitions Hub at the University of Melbourne to develop a process to geocode lending portfolio data to overlay it with transition and physical climate risk information for scenario analysis. We used this to examine the potential impact of climate scenarios related to cyclones on our Australian retail mortgage portfolio. • Performed further transition risk scenario analysis on the coal sector. • Increased disclosure of climate-related credit risk policy settings – refer to page 44 of our 2019 Sustainability Report for further detail. Our climate change disclosures align with the TCFD’s recommendations and are provided throughout our annual reporting suite. Refer to our 2019 Annual Financial Report pages 35-39 and our 2019 Sustainability Report pages 21-29. | 1neutral
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We also support and advise companies in the Latin American and Caribbean agricultural sector to make smart investments that can improve their resilience to climate change. A 7-year financing for up to US$30 million was granted by IDB Invest and Rabobank to support Desdelsur. This project financed the completion of the clients comprehensive livestock project, making its feedlot the largest in Argentina, strengthening its leading position in the export of legumes and oilseeds by telecommunications sector, as well as financing part of the company’s strategic investment plan for the deployment of a 4G network and providing better connectivity across its territory. | 2opportunity
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IDB Invest and Canada launched the second phase of the Canadian Climate Fund for the Private Sector in the Americas (C2F) project, a mixed climate finance program with a gender focus for Latin America and the Caribbean. It is expected to leverage up to US$1 billion in private sector investments in areas such as renewable energy, sustainable agriculture and forestry to help the region’s most vulnerable population segments, especially women and young girls, to better prepare and adapt to climate change. | 2opportunity
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The British Columbia Carbon Tax Act sets a carbon price of $40 per tonne of CO2e on fuel combustion and is expected to increase by $5 per tonne of CO2e per year, reaching the federal target carbon price of $50 on April 1, 2021. The federal government has stated this program meets the requirements of the federal Greenhouse Gas Pollution Pricing Act. The CleanBC Program for Industry directs an amount equal to the incremental carbon tax paid by industry above $30/tonne into incentives to reduce emissions. The Government of British Columbia has also introduced measures to reduce upstream methane emissions by 45 percent and establish separate sector-level benchmarks to reduce carbon tax costs for industrial facilities. | 1neutral
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2020 in solutions for four social issues, namely . climate change, water shortage, food security and healthcare. These targeted investments - which we call ‘investments in solutions’ - not only contribute financially to the returns for our clients, but also create social added value. At the end of 2019, a total of 18.3 billion euros had been invested in solutions for these themes. | 2opportunity
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That’s why making these assets as strong as they can be will always be the bedrock of growth – as reflected in the investment we have committed to upgrading the Bayswater and Loy Yang A power stations (without increasing carbon emissions) and the $420 million we have invested in the past three years in customer experience and other digital transformation programs. | 2opportunity
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In 2019, with a focus on its financing portfolio(2), EDC set a target to reduce its exposure to the most carbon intensive sectors by 15 per cent over five years against a December 31, 2018 baseline. As a result of this reduction, the carbon intensive exposure of EDC’s financing portfolio at December 31, 2023 is targeted to reduce to $18.9 billion(3), a decrease of approximately $3.3 billion over the five-year period. | 1neutral
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Upton 2 — We have completed the construction of our first battery energy storage system (ESS). In October 2018, we were awarded a $1 million grant from the TCEQ for our battery ESS at our Upton 2 solar facility. The grant is part of the Texas Emissions Reduction Plan. The 10 MW lithium-ion ESS captures excess solar energy produced during the day and releases the energy in late afternoon and early evening, when demand is highest. The Upton 2 battery ESS became operational in December 2018. | 2opportunity
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Transition (ANET) fund at the beginning of 2019. This fund invests in companies in the Netherlands that commit to transitioning to sustainable energy. ANET aims at investments in relatively small and innovative projects and businesses. ABP has set aside €50 million for ANET; the pension fund has the possibility of increasing this amount in the future. | 2opportunity
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To prepare for more electric vehicles on our roads, we’re testing new business models, working with New York City on curbside charging stations, building fast-charging depots—imagine a “gas” station for electric vehicles—plus supporting school bus and transit electrification. Earlier this year, our regulators approved another $52 million for electric vehicle programs. The efforts are part of a larger strategy to support the shift to electric vehicles and combat climate change. | 2opportunity
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This USD 310 million green bond carries a coupon rate of 4.75% and a 5-year maturity due 2023. The proceeds from the green bond are used to finance the following two green projects in the Greater Bay Area, both due for completion by the end of 2021. The “New World China | 2opportunity
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Completion of the modernization of the power section of EW Gałąźnia Mała with a capacity of 4.25 MW in September 2019. The investment value stood at PLN 4.5 m. The project was aimed at improvement of operation and production efficiency, and increase of the volume of ecologically clean energy produced by the Energa Group. | 2opportunity
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New climate ambition for Danica Pension In 2019, Danica Pension announced that they will increase their climate ambitions by raising investments in the green transformation to DKK 100 billion in the period towards 2030. The investment ambition is dependent on attractive investment opportunities that support international climate goals and can generate attractive returns on customers’ pension savings. | 2opportunity
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ABP commits to the objectives of the Climate Agreement In 2019 ABP committed to the objectives of the Dutch Climate Agreement and the Paris Agreement, together with the Dutch pension funds, insurers, banks and asset managers. In July an agreement was signed to this effect. All parties will render transparent account of how they give this commitment concrete expression. With a collective representation of some €3 trillion we as the finance sector can increase our impact in spurring and facilitating the climate transition in the Netherlands. | 2opportunity
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At the same time, Equinor aims to continue to improve the efficiency, reliability, carbon emissions, and lifespan of fields already in production. During 2019, Equinor updated the climate ambitions for Norway. Driven by a large remaining resource potential on the NCS, Equinor aims to reduce the absolute greenhouse gas emissions from its operated offshore installations and onshore plants in Norway with 40% by 2030, 70% by 2040, and towards near zero by 2050, compared to 2005. The 2030 ambition alone is expected to require investments of around NOK 20 billion Equinor share, in projects within energy efficiency, electrification, infrastructure consolidation, digitalization, and new value chains, such as CCS and Hydrogen. | 2opportunity
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For our operated offshore fields and onshore plants in Norway our new climate ambitions includes reducing the absolute greenhouse gas emissions by 40% by 2030, 70% by 2040 and to near zero by 2050. By 2030 this implies annual cuts of more than 5 million tonnes, corresponding to around 10% of Norway’s total CO2 emissions. A 40% reduction by 2030 will be achieved through large industrial measures, including energy efficiency, digitalization and launch of several electrification projects. The 2030 ambition is expected to require investments of around USD 5.7 billion for Equinor and its partners. | 2opportunity
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We require all potential projects to be assessed for carbon intensity and emission reduction opportunities, at every decision phase – from exploration and business development to project development and operations. Furthermore, we require all projects to include a carbon price of at least USD 55 per tonne, to be resilient towards expected higher carbon taxes. | 1neutral
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We remain at the forefront of SAF development and of influencing domestic, regional and international policy to support these fuels. We have committed to invest $400 million in SAF over 20 years from 2017. In August 2019, the British Airways partnership with Velocys and Shell submitted a planning application for Europe’s first household-waste-to-jet-fuel plant in Immingham, England. Construction of the plant is due to start in 2021 and the plant will be operational in 2024. It is expected to produce over 32,000 tonnes of sustainable jet fuel per year. | 2opportunity
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IAG is committed to be the leading airline group in sustainability. This means that environmental considerations are integrated into the business strategy at every level and the Group uses its influence to drive progress across the industry. • IAG Climate Change strategy to meet target of net zero carbon emissions by 2050. • British Airways plans to offset UK domestic flight carbon emissions from 2020. • Fleet replacement plan introducing aircraft into the fleet that are up to 40 per cent more carbon efficient. • IAG investment in sustainable aviation fuels of $400 million in the next 20 years, including British Airways’ partnership with Velocys. • Management incentives under development to align to IAG’s new targets. • Partnering with Mosaic Materials to explore carbon capture technology. • Participating in CORSIA, the ICAO global aviation carbon offsetting scheme. | 2opportunity
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In addition, in June 2019 Gold Fields and global energy group, EDL, announced a A$112m investment in a world-leading energy microgrid, which combines wind, solar, gas and battery storage and will result in over 50% of Agnew’s energy requirements being supplied from renewable and low-carbon sources. The 23MW power station that integrates solar with gas and diesel was commissioned in November 2019, while construction of the five wind turbines was completed in February 2020 (p69). | 2opportunity
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Dominion Energy is investing in strategic partnerships valued at $700 million to capture methane from hog-farming and dairy operations in seven states. With our partners — Smithfield Foods and Vanguard Renewables, and an alliance with the Dairy Farmers of America — we will process the methane from animal waste, and put it into the pipeline systems serving those states. This process captures methane emissions from waste ponds and reuses that methane in home heating, manufacturing, and more. Renewable natural gas is carbon-beneficial because it captures more emissions from the farms than are released when customers use the gas. | 2opportunity
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Affordable and Clean Energy (SDG7) and Clean Water and Sanitation (SDG6): From 2007 through the end of 2030, we will have financed more than $445 billion to low-carbon, sustainable business activities in support of energy efficiency, renewable energy and sustainable transportation, and in other areas including water conservation, land use and waste. In our own operations, we are carbon neutral as of 2020. | 2opportunity
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Blended Finance Catalyst Pool In 2018, we launched our Blended Finance Catalyst Pool to mobilize additional private capital to help address the U.N. Sustainable Development Goals. This financing initiative provides $60 million of capital for Affordable and Clean Energy (SDG7), Sustainable Cities and Communities (SDG11), Clean Water and Sanitation (SDG6), and Climate Action (SDG13), among others. | 2opportunity
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UPM will invest EUR 550 million in an industrial scale biorefinery to convert solid wood into next-generation biochemicals: bio-monoethylene glycol (BioMEG) and lignin-based renewable functional fillers. In addition, the biorefinery will produce bio-monopropyleneglycol (BioMPG) and industrial sugars. The total annual capacity of the biorefinery will be 220,000 tonnes. The facility is scheduled to start up by the end of 2022. | 2opportunity
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Built in 1924 on the Inn River channel, the run-of-river power plant with output of around 85 MW will be expanded and modernised. Following an investment period lasting around four years and with projected total capital expenditure of approximately €250m, about 32 MW of additional capacity will be available from 2023 onwards. The Gries hydropower plant was also inaugurated in 2019. This facility, which entailed an aggregate investment of around €50m, will supply around 10,000 households with green electricity from hydropower. Over the next three years, we are planning to invest a total of around €650m in the further expansion and maintenance of our hydropower facilities, thereby making a large contribution to mitigating climate change. | 2opportunity
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In 2019, Olam Cocoa invested in a 30,000m3 quayside terminal within Amsterdam Port Area for bulk cocoa bean storage, using technology for increased efficiency, full traceability and reduced logistics costs. It is powered by solar energy, with the product moved using solar power conveyors instead of diesel trucks, reducing carbon dioxide emissions by 80% and power costs by 30%. It has 6 electric vehicle charge points, LED lighting, and hot water powered by an electric heat pump. | 2opportunity
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— Commercial successes In December 2019, Eiffage acquired a portfolio of nine small hydro power plants located in south-western France from a private investor. A vast renovation plan (at a cost of about €25 million) and work to bring them into compliance with standards will give these nine plants an installed capacity of 6 MW. | 2opportunity
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ACTION PLAN 2020-2023 Given the uncertainties relating to the macroeconomic and political outlook and the complexity of the interaction between measures to combat climate change and energy demand, we maintain a prudent financial approach in investment decisions. The four-year investment plan, focused on high-value projects with short pay-back period, provides for investments of around €32 billion in 2023 and is characterized by a high level of flexibility with around 60% of investments uncommitted in 2022-2023. Eni's investment program has been designed to achieve high-returns and resiliency even in a challenging scenario. In particular, the current portfolio of upstream projects in execution has a break-even price of 23 $/bbl (25 $/bbl in the previous plan) and an overall IRR of approximately 25%. These projects remain competitive even in a low carbon scenario. Adopting the IEA SDS scenario, which foresees a huge increase in the costs of emitting CO | 1neutral
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In December 2019, Eni signed an agreement with Falck Renewables for the joint development of renewable energy projects in the United States, targeting at least 1 GW of installed capacity by the end of 2023. Eni will also acquire a 49% stake in Falck already existing plants in the USA (116 MW capacity, included a storage system of 3 MW). | 2opportunity
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2 captured from neighbouring industrial facilities and power plants into gas fields that are now depleted; - achieving a capacity for energy production from renewable sources over 55 GW by 2050; - expansion of retail operations with the aim of reaching over 20 million supply contracts by 2050. Furthermore, Eni has confirmed and further extended its intermediate decarbonisation targets: net-zero carbon footprint by 2030 for scope 1 and 2 emissions from upstream operations and net-zero carbon footprint for scope 1 and 2 emissions from all Group operations by 2040. Overall spending in the four-year period 2020-23 for decarbonisation, circular economy and renewables is forecast at approximately €4.9 billion, including scientific and technological research activities designed to support these areas. | 2opportunity
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CO 2 eq/kboe) due to the contribution to reduction of the upstream sector and an improvement of around 2% of the EniPower and Refining & Marketing performance indexes. Although the target for reduction set for 2021 has already been achieved, Eni will continue to strive towards progressive improvement over the coming years. In 2019, Eni has proceeded with the investment plan both in projects aiming directly at increasing energy efficiency of assets (over €8 million) and in development and revamping projects with significant impacts on the energy performance of businesses. The actions taken during the year, when fully operational, will allow fuel savings of 303 ktoe/year (mainly in the upstream sector), to which 25 GWh/year of savings on purchases of electricity and steam must be added. The benefit in terms of lower emissions will be around 0.8 million tonnes of CO | 2opportunity
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Back the growth of climate change solutions • Increased lending to climate change solutions, taking total committed exposure to $9.3 billion, progressing towards our 2020 target of $10 billion; • Facilitated $3.6 billion in funding for climate change solutions, exceeding our 2020 target of $3 billion; and • Analysed climate change risks under 1.5, 2 and 4-degree scenarios. | 2opportunity
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Formerly known as Total Energy Ventures, TOTAL’s venture capital fund has been renamed Total Carbon Neutrality Ventures (TCNV). Its investments are now entirely dedicated to carbon neutrality businesses and are expected to reach an aggregate amount of $400 million by 2023. TCNV invests in the upstream stage of the development of companies offering interesting technologies or economic models that enable companies to cut their energy consumption or the carbon intensity of their activities. With teams based in Europe and the United States, the fund makes its investments on a worldwide scale in smart energy, energy storage, smart mobility, bioplastics and recycling. While TCNV mainly invested in Europe and the United States in the past, the fund started investing in China in 2018. In particular, TCNV has signed an agreement with NIO Capital to cooperate and to invest in the mobility segment. | 2opportunity
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In view of the expected increase in the number of directors as well as in the number per year of meetings of the Board of Directors for exceptional transactions and of the Strategy & CSR Committee the competencies of which have been extended to the social and environmental challenges, including those in relation to climate, it will be proposed to the Shareholders’ Meeting to be held on May 29, 2020 to set, as from the fiscal year 2020, the annual fixed amount to be allocated to board members as compensation due to their activity at €1.75 million. | 1neutral
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The conversion of the La Mède refinery (France), through an initial investment greater than €275 million, is underway with the start-up of the first French biorefinery and an Adblue(1) production workshop in July 2019. The site also has an 8 MW solar farm, which was commissioned in 2018, and a training center, OLEUM, which started up in 2017. This project has been carried out without any lay offs. | 2opportunity
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13. CLIMATE ACTION 13.1. Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters in all countries. 13.3. Improve education, awareness-raising and human and institutional capacity on climate change mitigation, adaptation, impact reduction and early warning. 13.a. Implement the commitment undertaken by developed-country parties to the United Nations Framework Convention on Climate Change (UNFCCC) to a goal of mobilizing jointly $100 billion annually from 2020 on from all sources to address the needs of developing countries in the context of meaningful mitigation actions and transparency on implementation and fully operationalize the Green Climate Fund through its capitalization as soon as possible. 13.b. Promote mechanisms for raising capacity for effective climate change-related planning and management in least developed countries, including focusing on women, youth and local and marginalized communities. | 1neutral
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One of the commitments we assume in our Sustainability Plan is to invest a total of R$ 350 million in network automation by 2024. This will allow us to achieve significant reductions in supply interruptions and in dispatching teams on maintenance calls, benefiting customers with better quality and speed, at the same time that we reduce the environmental impacts of vehicle use and fuel consumption. | 2opportunity
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One of the biggest opportunities for innovation in our sector is in electric mobility. Advancements in electric engines for commercial and passenger vehicles, in addition to other types of transportation, will require the creation of a more robust, digitalized, and connected energy infrastructure. This vision guided our creation of the Emotive program, an R&D initiative that during a five-year period has evaluated possible business models for battery recharging and customer service. In 2020, our strategic vision will include continued work on the topic. Our Sustainability Plan includes investment of R$ 45 million in the development of technologies for electric mobility through 2024. | 2opportunity
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In 2019, we invested a total of R$ 72.4 million in the Energy Efficiency Program, which adheres to ANEEL's regulatory guidelines. The projects we developed have saved approximately 40,000 MWh of energy, enough to serve around 17,000 residential customers for one year. This saved volume also represents emissions of 2,825 tons of CO | 2opportunity
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Continued collaboration on flood-risk awareness In 2019, we announced the renewal of our multi-year funding for the Partners for Action (P4A) network at the University of Waterloo, Faculty of Environment. Since 2015, we have committed $1.2 million, in support of P4A’s continued efforts to inform Canadians about the changing nature of flood risk, and provide tools and knowledge to build personal and community flood resilience. | 2opportunity
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Santander has set a number of targets on climate change. In relation to commercial activity we have set a green finance target to raise and facilitate 120Bn euros between 2019 and 2025 and 220Bn euros between 2019 and 2030. This includes Santander overall contribution to green finance: project finance, syndicated loans, green bonds, capital finance, export finance, advisory and other products to help our clients in the transition to a low carbon economy. | 2opportunity
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On top of this, we issued our first green bond for €1,000 million as a starting point for a global plan on sustainable emissions. The net proceeds will be divided between existing wind and solar assets on Santander balance sheet and new assets of the same nature that will be added. The re-financing share will be less than 50% during the term of the bond. | 2opportunity
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Implement the commitment undertaken by developed-country parties to the United Nations Framework Convention on Climate Change to a goal of mobilizing jointly $100 billion annually by 2020 from all sources to address the needs of 13.A developing countries in the context of meaningful mitigation actions and transparency on implementation and fully operationalize the Green Climate Fund through its capitalization as soon as possible. | 2opportunity
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These objectives include, amongst others, the commitment to facilitate the mobilisation of €120 billion of green finance between 2019 and 2025, as well as to financially empower 10 million people in the same period, through increasing microfinance activities, financial education programmes and other tools that give access to financial services. | 2opportunity
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The common goal set by the Paris Climate Agreement is to limit the rise in global average temperature to less than 2°C by the end of the century. Following this trajectory, VINCI aims to reach the target of carbon neutrality (i.e. net zero emissions) by 2050 in its direct scope of business activities. As such, the Group is engaged in a proactive approach to achieve a 40% reduction in Scope 1 and 2 GHG emissions by 2030 compared with 2018 levels (see page 228). That comes out to a decrease of 940,000 tonnes of CO₂ equivalent relative to the scope of business activities in 2018. As an absolute value, this target will be updated in line with any significant changes to the Group’s scope, such as acquisitions. | 1neutral
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(2018: €4.6bn, 2017: €4.6bn). mBank in Poland also wants to step up its commitment to environmentally friendly product solutions, with an initial investment of around €118m (PLN 500m) in renewable energy projects at the end of 2018. In July 2019, mBank decided to double this financing pool. To date, around three-quarters of the funds for investments have gone to the wind sector, with the rest supporting the development of solar parks. | 2opportunity
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In July 2019, the European Investment Bank (EIB) approved a credit line with a total value of €250m for mBank and its subsidiary mLeasing to support Polish SMEs and mid-caps with climate protection measures focusing on photovoltaic systems. A new coal guideline has been in force at mBank since April 2019, according to which no new coal mines or coal-fired power plants will be financed. In addition, mBank will not establish any new relationships with companies for which the share of electricity generated from coal exceeds 50%. Furthermore, in October 2019 mBank adopted a new lending policy geared to the mining, energy and transport sectors in particular, based on the EU’s climate and energy policy. | 2opportunity
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The PDO for Johan Sverdrup Phase 2 was approved in May 2019 and will involve the installation of an additional processing platform at the field centre, a major module on the existing riser platform and subsea facilities to reach the satellite areas of the field. The project will bring gross production capacity to 660 Mbopd, and is progressing according to plan with first oil scheduled during the fourth quarter of 2022. | 2opportunity
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JPMorgan Chase is committed to creating a more sustainable future for our employees, customers and communities. Our firm has committed to facilitate $200 billion in financing in 2020 to support the objectives of the United Nations’ Sustainable Development Goals, with a focus on addressing climate change and advancing social and economic development. | 2opportunity
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Recent events On February 25, 2020, JPMorgan Chase announced additional steps in its initiatives to address climate change and further promote sustainable development. This year, JPMorgan Chase commits to facilitate $200 billion to advance the objectives of the United Nations Sustainable Development Goals (SDGs), including $50 billion toward green initiatives. The new commitment is intended to address a broader set of challenges in the developing world and developed countries where social and economic development gaps persist. As part of this commitment, the Firm had previously announced the creation of the J.P. Morgan Development Finance Institution to expand its financing activities for developing countries. | 2opportunity
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The Trustees believe that while these factors are sources of risks to be mitigated where possible, they may also create opportunities. The Trustees have therefore allocated a portion of the DB Fund's assets (a 2.5% commitment) to specifically targeting opportunities created by ESG risk factors including climate change. Examples of these opportunities include companies involved in the generation of renewable energy, and the manufacture of zero-emission electric commuter buses. | 2opportunity
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For example, we offer sustainable finance. MUFG has set a goal of ¥20 trillion for sustainable finance by fiscal 2030 (of this, ¥8 trillion will be used for environmental finance). To reach our goal, we will finance renewable energy projects and underwrite and distribute Green Bonds. We will also finance incubation projects to nurture startups and regional revitalization programs. | 2opportunity
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Aiming to facilitate the creation of a sustainable society and realization of SDGs via its financial services, MUFG has committed to extending a total of ¥20 trillion for sustainable finance over a period spanning from fiscal 2019 to fiscal 2030 (of this, ¥8 trillion will be used for environmental finance). | 2opportunity
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Regarding the socio-environmental risk analysis, the scope of Business and Corporate Banking is maintained, reducing the amount required for the evaluation of environmental and social risk, for operations over US $ 2,300,000 and emphasizing the sectors: (i) Mining; (ii) Energy; (iii) Tanneries; (iv) Cement; (v) Hydrocarbons and Gas; (vi) Iron and steel; (vii) Chemicals and Agrochemicals; (viii) African Palm. In the same way, these sectors apply to financial operations of SME Banking and Leasing products. | 1neutral
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AXA and the IFC, a member of the World Bank Group focused on the private sector, launched a US$500 million partnership in 2017, supporting an infrastructure fund that will notably finance green infrastructures in emerging countries, including renewable energy, water, green transport and telecoms. At the end of 2019, mandatory loans amount to US$390 million, of which US$120 million has already been financed. Coal and oil- sands related projects are explicitly excluded. | 2opportunity
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Last year the Aviva Foundation in the UK invested unclaimed assets of shareholders through grants and social enterprise investments. In 2019 the Foundation has now committed to giving £3.7 million to nine non-profit organisations and social enterprises that, working with our business, can support our communities and vulnerable customers. This has included funding counselling for vulnerable home insurance customers who experience trauma following serious events such as flooding. | 2opportunity
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Our climate change strategy includes a focus on reducing emissions from deforestation through support for REDD+, the UN program that aims to reduce emissions from deforestation and forest degradation. For example, in partnership with the International Finance Corporation (IFC) and Conservation International (CI) we developed a first-of-its-kind US$152 million Forests Bond, issued by the IFC in 2016. We provide a price-support mechanism for the bond, which supports the Kasigau Corridor REDD project in Kenya. During FY2019, we purchased additional carbon credits from the Kasigau Corridor project. | 2opportunity
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During the year the Board received an update relating to the Group’s climate change strategy and approved a range of actions to support ongoing delivery, including strengthening the link between emissions performance and executive remuneration, establishing a new medium-term, science-based target for scope one and two emissions in line with the Paris Agreement, and the framework for a Climate Investment Program, which includes an amount of US$400 million as set out by the CEO in July 2019. | 1neutral
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Creating value also means helping address environmental challenges including climate change. Your Board is actively engaging with management on this critical task. This year, CIBC committed to support $150 billion in environmental and sustainable finance activities by 2027, underscoring our focus on enabling sustainable growth and helping make Canada and North America global leaders in environmental stewardship. | 2opportunity
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To advance Science for Community, we unveiled an additional 2025 Sustainability Goal. Through the expansion of 3M Impact, our skills-based employee volunteer program, we committed to 300,000 work hours of service across the globe. We formed a new partnership with the international non-governmental organization Clean Air Asia, which will leverage 3M’s expertise to improve air quality and the lives of people in New Delhi and Metro Manila. | 2opportunity
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$500 million 30-year bonds were priced with a coupon interest rate of 4.25 percent. The net proceeds from the issuance were used to finance or re-finance eligible projects as defined under OPG’s Green Bond Framework, namely, the November 2018 acquisition of Eagle Creek. OPG’s Green Bond Framework encompasses projects that offer tangible environmental benefits. | 2opportunity
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Sustainable finance products are instruments that channel funds to finance customer transactions in sectors such as renewable energy, energy efficiency, waste management and water treatment, as well as access to social goods and services, including housing, education, health and employment. BBVA strives to contribute to creating the mobilization of capital needed to halt climate change and achieve the Sustainable Development Goals mentioned before. To this end, it has pledged to mobilize €100,000m in sustainable financing between 2018 and 2025. | 2opportunity
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In 2019, CAPCO issued a HK$170 million, 25-year New Energy Bond to fund the construction of the West New Territories Landfill energy-from-waste project, which was an inaugural green bond for Scheme of Control-regulated business. This waste-to-energy project allows CAPCO to use landfill gas as energy source, offsetting emissions from some of its coal-fired power generation units and achieving significant environmental benefits. | 2opportunity
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Transportation infrastructure for electric mobility is the focus of IFC’s $8 million investment in Lithium, India’s first electric fleet operator company. The project will provide job opportunities for up to 8,000 drivers over five years. This is IFC’s inaugural investment in electric mobility. The project supports electrification of transportation, which will help avoid annual greenhouse emissions of more than 25,000 metric tons per year. | 2opportunity
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IFC Catalyst Fund: The $418 million IFC Catalyst Fund was launched in 2012 and invests in funds that provide growth capital to companies developing innovative ways to address climate change in emerging markets. It also may invest directly in those companies. As of June 30, 2019, the fund had made 22 commitments totaling $365 million. | 2opportunity
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Creating markets for certified green buildings IFC has identified an investment opportunity of almost $25 trillion for green buildings in emerging markets, because of high population growth, urbanization trends, and deployment of existing technologies for resource efficiency. To tap into this potential, IFC created EDGE — Excellence in Design for Greater Efficiencies — a green building certification program for more than 150 countries. | 2opportunity
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Our new sustainability strategy places a strong emphasis on improving our environmental performance by reducing emissions as well as improving products and packaging. At the same time, we reiterate our ongoing commitment to responsible operations. We will invest up to DKK 250 million over the strategy period to support our new sustainability strategy. | 2opportunity
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We also invested in solar power generation with a £57 million long-term debt financing agreement to support Hermes Infrastructure, which provides solar photovoltaic systems for over 9,000 residential homes across the UK. This is a great example of how, across the group, we are seeking opportunities to address climate change and required energy transition. | 2opportunity
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The need to decarbonise our business increases the cost of our activities through the need to retro-fit buildings to improve their sustainability credentials and reduces our ability to redevelop due to planning restrictions, increased regulation and stakeholder expectations, the increased cost of low carbon technology and potentially the pricing of carbon. Failure to meet the climate challenge could impact our ability to deliver new buildings, reduce the demand for the buildings we own, cause significant reputational damage and result in exposure to environmental activism and potentially stranded assets. | 0risk
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The future of heat is uncertain, and its decarbonisation is reliant on relatively nascent technologies, such as hydrogen and carbon capture usage and storage, as well as biogas and heat pumps. These new and evolving technologies will need to be used in new contexts and on a scale that has not yet been demonstrated. We do not believe that any of these technologies can, in the next 30 years, reach sufficient scale to represent an existential threat to our gas businesses. | 0risk
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The main impacts of the 4ºC scenario were: • Physical ramifications of climate change: in this scenario we expect extreme weather events of escalating severity and frequency, which could increase disruption to our assets and our customers. This would require investment to ‘harden’ assets and would heighten the safety risk to our field employees. Our approach to physical climate risk is discussed in more detail below. • Lower system visibility: as this scenario sees less coordinated policy and regulation in pursuit of decarbonisation, we would anticipate a greater variety of solutions being deployed across our networks. This could increase overall system costs and reduce visibility over the network, potentially slowing our responsiveness to disruptive events. We do note, however, that a greater number of distributed assets would increase the potential for local balancing, which could mitigate this. • Inequality of access: without carefully designed policy, we believe decarbonisation activities have the potential to leave some sectors of society behind: for example, heat pumps and the energy efficiency upgrades they typically require are currently cost-prohibitive for many. As well as the ethical implications of this, there is a risk to the Group, especially for our US businesses, that a proportion of our customers would struggle to pay their bills. | 0risk
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Transitional risks AGL's Climate Statement reflects our approach to the strategic management of risks and opportunities associated with the energy transition. These risks incorporate policy and legal risk, technology risk, market risk and reputation risk. Transitional risks also include risks in end-of-life asset planning and the rehabilitation of assets. Misalignment of these plans with future scenarios may lead to possible stranded assets and revenue loss amid continued policy uncertainty. | 0risk
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An event occurred on 3 July 2019, which resulted in an official caution being issued to AGLM on 21 April 2020. The event, which occurred at the Bayswater Power Station, involved oil leaking into the power station cooling water system. The official caution was issued for an alleged failure to comply with a licence condition that required plant and equipment to be maintained and operated in a proper and efficient condition and manner, respectively. | 0risk
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- We are taking into account both transition risks and physical risks. - Our transition risks include credit risk related to financing and investment clients who are impacted by more stringent carbon taxes, fuel efficiency regulations, or other policies or by delays in shifting to low- carbon and other environmental technologies. Our transition risks also include operational risk related to reputational damage from financing fossil fuel projects. | 0risk
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The physical impacts of climate change can compound existing environmental risks to operations, supply chains and markets, and impact our ability to obtain key inputs or meet our customers needs. This impact may include disruption to upstream suppliers, manufacturing sites, and downstream warehousing and distribution. The transition to a low-carbon future may also impact the cost of inputs used in product manufacturing and customer demand preferences. | 0risk
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In addition, the transition to a decarbonized society carries with it the risk of greenhouse gas emission regulations, such as the introduction and strengthening of a carbon tax, and technological improvements or rapid development of renewable energy technologies. There is a possibility that this shift could adversely affect the business performance and financial condition of the Company and its consolidated subsidiaries, especially those engaged in fossil fuel-related business. The likelihood of these climate-related risks is largely dependent on the status of efforts to prevent climate change under the Paris Agreement. | 0risk
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The sectors most negatively impacted by 2050 as a result of carbon pricing and related policies include fossil fuel intensive industries such as coal mining, carbon intensive power generation, and oil and gas exploration and production. The utilities sector experiences a high variation in impact, with the least carbon intensive companies experiencing positive growth. Within the transport sectors, air transportation is more affected than shipping, with road and rail transportation least affected due to the relative availability of electrification. | 0risk
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Under harsher public scrutiny, investors are being asked to refrain from investing in companies that are not environmentally friendly. Some investors have decided not to make new investments in coal-fired thermal power. As an energy provider and a company that is needed by its stakeholders, we must seriously undertake sustainable management. | 0risk
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Climate change is increasing the frequency and intensity of natural disasters. According to a report by the United Nations Office for Disaster Risk Reduction (UNDRR), there were 7,255 natural disasters worldwide within the 20 years from 1998 to 2017, and 91% of them were climate-related. Moreover, among disasters associated with climate change, such as floods, storms, drought and heat waves, damage from floods and storms is particularly heavy, and the number of such disasters increased 2.2 times compared with the previous 20 years. | 0risk
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In this environment, there are several the Group, as a global distributor, faces due to climate change. These include physical risks with increased likelihood of more extreme events such as storms, and heatwaves which could affect the business’s physical sites or its distribution process. A further risk is regulatory change, often by governments, designed to reduce greenhouse gas (GHG) emissions. These may render certain products obsolete whilst increasing demand for others. Other potential impacts include increases, for example, in the costs of air transport of inventory to meet customer demands. There is also reputation risk if the business is not seen to be taking deliberate and tangible actions to reduce its GHG emissions. | 0risk
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Climate related risk Climate risk is a risk for the Group. The impacts of climate change have the potential to affect our customers’ ability to service and repay their loans, and the value of collateral the Group holds to secure loans. These impacts include long-term changes in climatic conditions, extreme weather events, and the action taken by governments, regulators or society more generally to transition to a low carbon economy. | 0risk
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In a local context, over the short term, changes to events such as hailstorms and bushfires will need to be reflected in technical pricing assumptions. In the medium term, cyclones are expected to extend southward to more populated parts of Australia, potentially adversely impacting assets and infrastructure that were not built to withstand such events. | 0risk
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